Solana has shown impressive strength, surging nearly 5% in the last 24 hours and breaking through the crucial $130 resistance level. This move comes after a period of downward pressure since late August when #SOL was rejected from the $160 mark.
Key observations:
Strong support at $120: This level has been tested multiple times and held firm, most recently on Friday when SOL bottomed out.
Bullish momentum: The MACD has flipped bullish, indicating growing positive sentiment.
Resistance turned support: $130, previously a resistance, now serves as a potential new support level.
Near-term outlook:
Bullish scenario: If buyers maintain control, SOL could target $140, signaling strengthening bull dominance.
Bearish scenario: Sellers may attempt to push SOL back below $130, which could lead to a retest of the $120 support.
The current consolidation around $135 represents a critical juncture. A decisive move above this level could open the path to retesting higher resistances, while failure to hold could see a return to the recent trading range.
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